PFS will likely approve you. I’ve heard from friends that CUs are actually the most stringent lenders. Most were self-employed and could easily afford the car but the CUs turned them down for whatever reason. PFS doesn't care as long as your profile looks solid.

 

my girlfriend and I are looking into taking our a home equity loan. There's a chance the interest will be lower than whatever PFS will offer me and we also get the benefit of just paying off the car and getting the title so if I ever need to sell the car I can do it private party easily without needing to make sure the bank send out the title to the new owner.

 

This is an interesting take. Not 100% sure it makes complete financial sense but I suppose the same could be said for any Porsche purchase.

Not the same thing, but I was very close to just going with a 96 month loan from a credit union that would have offered a marginally higher rate (less than 1%) than a typical 72 month loan. I typically take out 72 month loans with high equity from a trade and pay the loan off early in 2-3 years so I almost could justify it for the lower payments. Ultimately I did decide against it though because it's still that much more money going to interest over the life of the loan, even if it's paid off early. But really, it just gets down to what works in a given situation. For me the $150 or so a month wasn't that big a deal... but giving away a couple extra grand to the bank kind of was.

Not sure how the math would shake down for a home equity loan... but I'm sure the payments would probably be pretty favorable.

 

Yeah, no.

HELOC's are in the mid to high 6's and most have adjustable rates so you may be heading for a trap. Also, you'll be paying for your car for the next 10 to 20 years. For some reason interest rates for cars are lower right now so if you must finance, get an auto loan.

 

My local credit union just got me 4.24% on 72 months for my new Spyder. My experience in general is that credit unions are the way to go.

 

Who takes Heloc to buy a car? Ridiculous decision ever.. they are based off prime rate which is currently 7% and may go higher

 

I'm not sure I understand the math here with HELOCs in the 7.xx% range, but hopefully, that works for you.

 

Its just an option we're looking into, wasn't even aware what the interest rate was. The idea was that if it was lower than what I would get with Porsche Finance then it would actually just be the smarter decision. From what I've heard, Porsche Finance is starting at 7% for 72 month finance. But its hard to tell as they don't list their rates on the website and its been hard finding out what their rates are currently.

 

id probably try another credit union or two in the meantime. Just because one turned you down doesn't mean all of them will.

 

But then he's beating up his FICO score with the hard inquiries, no?

 

If you get credit pulled for loan financing, all pulls within, I believe, 30 days count as one hard pull.

 

yeah I was just asking our loan agent about this as I don't really know what counts and what doesn't and this is what he told me as well. I've found a few more prospects for loans so I've just applied to those as well.

 

I was recently qualified for 3.49% for 72 months and up to 120k financed. I hope this info to helpful to anyone else that is looking. They also do work with out-of-state customers and out-of-state dealers which my local CU would not do.

 

I'm waiting for my car as interest rates climb. Probably won't be at the dealer until Q1 23'. My local CU has decent rates, but have a soft cap of $100k on the loan which presents an obstacle.

Does anyone know what Porsche tier 1 rates currently are for 60 / 72 / 84 months?

My dealer gave me some info. back in September, but things in that area are moving very quickly and not for the better.

DRP

 

PFS tier 1 was in the high sixes a month ago. I can’t imagine it’s gotten better.